9 October 2020
On 7 October 2020, the Norwegian government announced the National Budget for 2021. The main proposed tax measure for companies is the introduction of a 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to related companies in low-tax countries. The withholding tax is meant to counteract the relocation of profits and, if approved, will apply from 1 July 2021.
Other measures include broad reductions in income tax for individuals, a further reduction of the wealth tax for working capital, an increase in the maximum tax-free benefit on employee purchases of shares in their employing company, increased CO2 tax, and others. For more details, click the following for the Budget tax policy (Norwegian language).
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